Wipro grows single-digit,pales compared with TCS,Infosys

Wipro had reported the most robust numbers among the IT services companies coming out of India during the global economic downturn over the last two years. It8217;s year on year revenues for the second quarter of the current fiscal is in fact pegged at 19.5 per cent in dollar terms but still paled before the 30 per cent growth reported by TCS and Infosys.

Wipro chairman Azim Premji said the company would over the next quarters rise to match the growth of its peers. The Wipro chairman reported very solid and very sustaining demand for IT services in the global market. The IT sector has witnessed growing recovery and has been exceptional over the last three quarters,he said.

We saw strong momentum in demand as customers tried to catch up with the under investment in IT in the previous years. While the macro-economic environment continues to remain uncertain there is higher degree of confidence at the micro level, Premji said. Clients who had over the last two years cut down on IT budgets were now back and the legitimacy of companies like Wipro is much more in the renewed business environment where contracts are larger and more complex in nature,he said.

Wipro has projected IT services revenue growth to be in the range of 1,317 million and 1,343 million an increase of 3.4 per cent to 5.5 per cent at the end of the third quarter of the fiscal. Joint CEO of Wipro8217;s IT business Girish Paranjpe said Wipro had not done badly over the last quarter with a 6.5 per cent jump in the volume of business generated.